Wedbush Securities stayed bullish on General Motors Company (NYSE:GM) after taking in what it called a better-than-feared Q1 earnings report.
Analyst Dan Ives said the highlight from the report was GM handily beating adjusted EBIT estimates and a volume production forecast that was also above beaten-down expectations. Overall, the EV theme with General Motors (GM) is seen still being in play.
“Our bullish thesis for GM is predicated on the Detroit stalwart’s ability to convert 20% of its installed base by 2025 and 50%+ to EVs by 2030 which will result in a metamorphosis of its valuation in the eyes of the Street. As evidenced last night the EV strategy is progressing well with its massive investment profile continuing to elevate in this EV arms race with cross-town rival Ford also trying to share the EV spotlight.”
Wedbush Securities kept an Outperform rating on GM and lowered its price target to $50 to reflect a more challenging growth trajectory ahead in 2022.
Elsewhere on Wall Street, RBC Capital Markets also stayed constructive on GM, but cut its price target to $58 from $70.
Shares of General Motors (GM) rose 3.31% in premarket action on Wednesday following the Q1 earnings report.